• Bumi Serpong Damai booked net income of Rp81.9bn, up 54.8% YoY from Rp52.9bn last year. Revenue reached Rp310.8bn or increased by 47.6% YoY from the previous year, which caused gross profit to jump higher by 58.5% from Rp106.8bn to Rp169.3bn.
• The company is optimistic it can achieve its target for net income for 2010F to reach Rp355bn or 15% YoY growth from 2009. Revenue is projected to be Rp2tn. Net income and revenue consensus expectation 2010F is Rp365.7bn and Rp1.61tn that translates 1Q10 results for the company to equal 19.3% and 22.4% from full year expectation.
• The company has decided to postpone its ex right issue plan for 10% of its shares due to the absence of guidelines from The Indonesian Regulatory Authority for Indonesian Capital Market or Bapepam. Therefore the company plans to increase capital by offering to strategic investors.
• Currently the company has a cash position of Rp1.18tn with total outstanding debt of Rp845.9bn. Capex for this year is set to be Rp1.00tn, Rp300.0bn of which has been used up in 1Q10. The company plans to acquire 1,300ha of land to develop BSD City in 5 years. Estimated cost for the plan is around Rp2.0-2.5tn. For this year, Rp200.0bn has been prepared for the land acquisition.
• BSDE is trading at 2010F consensus PER of 25.0x and EV/EBITDA of 16.3x.
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